In 2017, the "Tax Cuts and Jobs Act" (TCJA) was signed into law. This is the largest tax reform since 1986.  Most of the changes became effective in 2018; others became effective after 2018. There are many changes that may effect your personal or business income tax returns.  To list a few ... 

 

Individual Tax Returns:

• Reductions in income tax rates for most individuals
• Reductions or eliminations in certain itemized deductions
• Increases in the standard deductions
• Changes to certain child and dependent tax incentives
• Almost doubling the estate tax exemption

 

Business Tax Returns:

• Reduction to the corporate income tax rate
• More rapid business write-offs for capital expenditures
• A new 20% deduction for owners of certain pass-through business entities

 

Due to the size and scope of the tax changes, we are unable to provide a full list of all the changes and necessary information for a complete explanation.  Please contact our office if you would like a copy of our tax summary.